Friday, 14 August 2009

Continued Minimum Payments is Not Going to Help You

People tend to think that paying the minimum balance each month will keep them out of debt and they will be able to get away without any serious damage done to their credit history. They do not realize how disadvantageous paying the minimum balance on a continued basis can be.

Paying the minimum balance will certainly keep you in the hunt. But, it will take you a lot more time to pay off your credit card balance. The interest rates will make you pay almost double or even more than the amount you actually owe to your credit card provider. This way, you will be drained out of cash without you realizing what went wrong.

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